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U.S. Steel to lay off 3,500 employees

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U.S. Steel is idling a taconite plant in Keewatin and two other facilities in Michigan and Missouri.

The company says about 3,500 employees will be laid off in total. Amid the global economic slowdown, prices for many steel products have fallen at double-digit rates over the past month.

In October, Cliffs Natural Resources announced it was cutting production at several Iron Range taconite plants.